- AUM Growth Ended 2025 at $228 billion, driven by $21.4B investment gains and $28.7B net inflows.
- Core Earnings Core EPS rose to $0.276, with core PBT at $407 million despite volatile markets.
- Client Momentum Achieved 20% higher inflows than industry, with top 50 clients averaging 4 strategies each.
- Performance Fees Generated $281 million in performance fees, up from $100 million in 2024 (long-only mandates).
- Strategic Diversification Liquid credit AUM doubled to $53.1B, and quant alpha delivered 21.3% net returns in 2025.
Financial Performance
The firm's AUM increased by nearly $60 billion since the end of 2024, driven by positive investment performance and record net flows. The run-rate net management fees increased to $1.182 billion, driven by the higher AUM and strong recovery in trend-following performance. As Antoine Forterre, CFO, noted, "the firm's diversified range of investment strategies has increased its performance fee earning potential, with a median simulated performance fee outcome for 2026 of $471 million."
Valuation Metrics
With a P/E Ratio of 22.89 and a P/B Ratio of 2.87, the market is pricing in a certain level of growth for Man Group. The Dividend Yield is 4.77%, indicating a relatively attractive return for investors. The ROE is 11.73%, suggesting a decent return on equity. Analysts estimate next year's revenue growth at 12.7%, which may justify the current valuation multiples.
Business Highlights
Client engagement remains strong, with record gross and net inflows, nearly 20% ahead of the industry. Man Group took market share for the sixth consecutive year, a strong outcome in a challenging fundraising environment. The firm's top 50 clients remain invested in an average of 4 strategies, highlighting the depth of its relationships.
Investment Performance
Man Group's trend-following strategies faced significant headwinds in the first half of the year but recovered in the second half, delivering strong gains. The firm's liquid credit strategies continued to outperform, while its multi-strat Man 1783 delivered outstanding returns. The quant alpha capability delivered 21.3% net performance in 2025, showing progress in this high-potential space.
Outlook
The firm is well-positioned for growth, with a diversified business model and a strong presence in the institutional channel. The market environment is supportive, with allocators favoring hedge funds, portable alpha, and active extension. Man Group's ability to help clients navigate a complex environment with alpha-focused strategies has never been more relevant.